Doha – Mubasher: Leasing prices in Barwa Real Estate’s projects are still below the market’s prices despite current pressures, Barwa’s CEO, Salman Al Mohanadi said according to Al Raya newspaper.
Some property owners refused to reduce their rent prices, the official added.
If this pressure in the market continues, it may lead to a gradual decline in rents, Al Raya reported, citing Barwa’s CEO.
Salman expected demand for residential units to increase between 2019 and 2020 ahead of the FIFA World Cup 2022.
Barwa will maintain its current prices, Al Mohanadi highlighted.
The QSE-listed company announced a decline of 26.4% in its profits reaching QAR 479.43 million in the first quarter of 2017, compared to QAR 651.46 million in Q1-16.
Real estate market experts previously predicted that leasing prices will increase by 10% annually until the FIFA World Cup 2022.
Qatar’s Ministry of Justice announced that traded volume of sales contracts from 16 to 20 April amounted to QAR 721.39 million.
The stock closed at QAR 33.97 after adding 1.18% on Monday, while traded volume on the stock reached 192,230 shares following a turnover of QAR 6.23 million.
